Finding Space; Learning a Software Lesson
What’s the saying—change is inevitable? Well, my second week of independence was no exception. I mentioned in my last blog that I had found office space. May I elaborate? It is located in a very nice part of town, central to just about anywhere you’d want to go, and very reasonable. What’s interesting is how it came about. You see, there is another advisor I met some 10 years ago when we both worked at the same very large wirehouse. We have kept in touch over the years and today my office is across the hall from his. It’s part of a suite of offices called Executive Suites. We have a common secretary, copier, reception area, etc. It has a very nice decor and a very professional atmosphere. Maybe not where I’ll be in five years—I have a grand vision of my ultimate office—but it’s more than adequate and certainly better than my original plan of a home office. But as Paul Harvey would say, “Here’s the rest of the story.”
Coincidence? Providence? The other advisor has a specialty which is quite different than mine. I typically work with individuals, some of whom are business owners, and some not. I go through a thorough process with the end result being a financial plan and recommendations. I also have several years of experience managing assets, with more of a “core” objective. For the past several years I have assisted clients with net worths from $1 million up to $30 million, with an average of $2 to $4 million. He, on the other hand, has been working with business owners on their business issues. He’s very involved in their cash flow, liability management, and managing assets in a more “satellite” objective. He has a great deal of integrity, someone you could trust your own mother with. We’ll see how it plays out. I’ll keep you posted.
Well, there have been a few more bumps in the road primarily in the area of technology. I have learned a very valuable lesson. Here it is. NEVER PURCHASE SOFTWARE AS SOON AS IT COMES OUT! I bought a laptop with the newest operating system….Windows Vista. I also bought Office 2007. The experience has confirmed to me that I have absolutely no desire to become an IT person. MS Word will not work even though it works fine on my PC (which has Windows XP). These are some of the things which can really take up your time if you’re not careful. I have outsourced this but even this proves to be a challenge. The problems may be so new that few know what to do.
I welcome your comments.
Hello Mike,
I just laid down my most recent issue of Investment Advisor feeling pretty relieved about the CFP board’s ruling on acting as fiduciary. I flipped through the pages once more, paused and thought “Wait a minute, I know this guy!.
I am so glad to see you take the leap to independence. I left our former employer about a year ago establishing my own RIA and haven’t looked back since. Like so many others I wish I had started this endeavor long ago and it is exciting to see that your chronicle of this experience will no doubt encourage many others.
If you want to leverage your time I would select the largest custodian of RIA assets. Also our former employer was top notch and I am glad that I gained this valuable experience because it gave me the insight to find the best software for my business that incorporates portfolio management (yes with monte carlo) and comprehensive financial planning.
I’ll be watching you to see if you arrive at the same conclusion. (smile)
Best of luck!
Alice W. Moore
Kennedy Wealth Management Group, Ltd.
Hi Alice,
It’s good to hear from you. I too am thankful for the valuable experience I received at our former employer. I didn’t know you had left. Send me an email from time to time and let’s keep in touch. I wish you all the best!
Mike
Agreed, Mike. As long as you can make the office your own. In a previous life, the rent-an-office space we used did not allow for anything to be posted up. The net result was a rather spartan work space.
Software – yeah, sounds good at the beginning but in the end, ?
We recently were told about a new planning software that was going to be “The bomb”. The sample charts and reports were enough to make my head swim – if I couldn’t digest them, how much more so my clients!
Keep it up!